Pinnacle Associates Ltd. Sells 290,607 Shares of Bloom Energy Co. (NYSE:BE)

Pinnacle Associates Ltd. decreased its stake in Bloom Energy Co. (NYSE:BE - Free Report) by 33.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 578,979 shares of the company's stock after selling 290,607 shares during the quarter. Pinnacle Associates Ltd. owned approximately 0.26% of Bloom Energy worth $6,114,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of BE. Vanguard Group Inc. increased its holdings in Bloom Energy by 0.8% in the first quarter. Vanguard Group Inc. now owns 19,685,235 shares of the company's stock worth $221,262,000 after buying an additional 156,434 shares during the last quarter. Electron Capital Partners LLC grew its position in Bloom Energy by 131.5% in the second quarter. Electron Capital Partners LLC now owns 3,152,944 shares of the company's stock worth $38,592,000 after acquiring an additional 1,790,733 shares in the last quarter. DigitalBridge Group Inc. increased its stake in shares of Bloom Energy by 66.3% during the 2nd quarter. DigitalBridge Group Inc. now owns 1,160,389 shares of the company's stock worth $14,203,000 after purchasing an additional 462,581 shares during the last quarter. Van ECK Associates Corp lifted its stake in shares of Bloom Energy by 19.2% in the 1st quarter. Van ECK Associates Corp now owns 1,012,547 shares of the company's stock valued at $11,381,000 after purchasing an additional 162,968 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale boosted its holdings in Bloom Energy by 64.6% in the second quarter. DekaBank Deutsche Girozentrale now owns 830,405 shares of the company's stock worth $11,017,000 after purchasing an additional 325,814 shares in the last quarter. Institutional investors and hedge funds own 77.04% of the company's stock.

Bloom Energy Stock Performance

BE traded down $0.51 during trading on Thursday, reaching $9.59. 4,525,278 shares of the company's stock were exchanged, compared to its average volume of 5,807,597. The company has a market capitalization of $2.18 billion, a P/E ratio of -7.41 and a beta of 2.69. The company has a quick ratio of 3.33, a current ratio of 4.65 and a debt-to-equity ratio of 3.43. The business has a 50 day moving average price of $10.53 and a 200 day moving average price of $12.06. Bloom Energy Co. has a fifty-two week low of $8.41 and a fifty-two week high of $18.14.

Bloom Energy (NYSE:BE - Get Free Report) last posted its earnings results on Thursday, August 8th. The company reported ($0.06) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.06). The business had revenue of $335.80 million for the quarter, compared to analysts' expectations of $307.73 million. Bloom Energy had a negative net margin of 21.37% and a negative return on equity of 11.90%. The firm's revenue for the quarter was up 11.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.32) earnings per share. As a group, analysts predict that Bloom Energy Co. will post -0.25 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on BE. Susquehanna reduced their price target on Bloom Energy from $16.00 to $13.00 and set a "positive" rating for the company in a research report on Wednesday, October 16th. Truist Financial lowered their price target on Bloom Energy from $13.00 to $12.00 and set a "hold" rating on the stock in a report on Wednesday, October 16th. Jefferies Financial Group cut shares of Bloom Energy from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $15.00 to $11.00 in a research note on Friday, September 6th. JPMorgan Chase & Co. raised their target price on shares of Bloom Energy from $12.00 to $14.00 and gave the company a "neutral" rating in a research note on Tuesday, July 16th. Finally, Piper Sandler reiterated a "neutral" rating and issued a $10.00 target price (down previously from $11.00) on shares of Bloom Energy in a report on Tuesday. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $15.39.

About Bloom Energy

Bloom Energy Corporation designs, manufactures, sells, and installs solid-oxide fuel cell systems for on-site power generation in the United States and internationally. The company offers Bloom Energy Server, a solid oxide technology that converts fuel, such as natural gas, biogas, hydrogen, or a blend of these fuels into electricity through an electrochemical process without combustion.